Pfizer Slashed Its Guidance, but Is It Still a Smart Long-Term Buy?
Per updated guidance for its upcoming 2024 fiscal year, issued on Dec. 13, Pfizer (NYSE: PFE) has a bumpy road ahead -- at least for now. Amidst rapidly weakening coronavirus product revenue and significant cost cuts billeted for next year, the drugmaker's annual sales of more than $100.3 billion in 2022 are undeniably a thing of the past.
But as smart investors know, betting against one of an industry's capstone companies can mean missing out on returns over time. So is there still a long-term investing thesis for Pfizer, or are its best days in the past?
Let's take a beat to appreciate why it's perfectly reasonable for investors to be having doubts about this company's chances of being a good purchase, given its upcoming challenges. Management is expecting that the 2024 top line will be around $61.5 billion, at best. Given that it's anticipating a maximum of $61 billion for this year, the story is clear: There's no growth coming, at least in the near term.
Source Fool.com
Pfizer Inc. Stock
With 29 Buy predictions and 4 Sell predictions Pfizer Inc. is one of the favorites of our community.
With a target price of 41 € there is a positive potential of 44.65% for Pfizer Inc. compared to the current price of 28.35 €.
